Mike McGlone, the senior commodity strategist for Bloomberg, has had major praise for Bitcoin, the largest cryptocurrency in the world. He believes that the cryptocurrency is well on its way to transforming into a global reserve asset that would definitely complement the US dollar.
The recent edition of Bloomberg’s Crypto Outlook has called for a BTC worth $100,000, and Ethereum price to move through $5,000 which would rightfully be termed as the path of least resistance after both the cryptocurrencies have gone through around 50% correction throughout the summer.
Bitcoin Could Be One To look Out for in the Future
McGlone stated that crypto-assets like Bitcoin and Ethereum appear quite refreshed and revived in a bull market with the 2H benefit for a steep discount from the previous highs at the start.
He further claimed that most of the portfolios which lacked both the cryptocurrencies and their exposure have been deemed as naked- which is rightfully evidenced by the relative underperformance of government bonds as well as gold. Currently, a decline in the macro risk-off will be a major primary threat to the crypto bull market.
While analyst predictions for Bitcoin to reach six figures have been commonplace, the long-term forecast of BTC does put the cryptocurrency near the center of the global system of finances.
After explaining the advancement of the dollar by more than 300% since President Nixon nixed the gold peg of the greenback in 1971, McGlone claimed that they believed the cryptocurrency would represent the digital future. He has stated that he would be seeing a BTC future that would rightly complement the dollar reserve currency.
The most passionate supporters of Bitcoin have argued for years about the ability of the cryptocurrency to mature into a global reserve asset. This conviction stems from the crypto asset’s superior monetary policy, especially in an era where most of the central banks have already inflated their money supply.